Tech

Meesho Indian ‘Social Commerce’ Platform Backed by Facebook Raises $570 Million

Meesho, an Indian “social commerce” platform backed by Fb and SoftBank Group, stated on Thursday it had raised $570 million (roughly Rs. 4,230 crores) in a funding spherical led by Constancy Administration & Analysis Firm and B Capital Group.

The most recent funding spherical values the corporate at $4.9 billion (roughly Rs. 36,400 crores), Meesho stated in an announcement. “Present traders Prosus Ventures, SoftBank Imaginative and prescient Fund 2 and Fb additionally participated on this spherical,” the corporate added.

Based in 2015 by Indian Institute of Expertise graduates Vidit Aatrey and Sanjeev Barnwal, the platform provides social media customers merchandise to promote – starting from garments to cosmetics – and takes a minimize from precise gross sales.

The corporate additionally supplies logistics and fee instruments to sellers.

Within the 5 months since Meesho’s earlier fundraise, each month-to-month orders and month-to-month transacting customers have almost tripled, the corporate stated.

Indian startups have been on a tear in 2021, with a number of firms coming into the unicorn or $1 billion (roughly Rs. 7,430 crores) membership, whereas different high-profile names together with meals supply app Zomato and digital funds firm Paytm itemizing or pursuing a debut on home inventory exchanges.

© Thomson Reuters 2021


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